Subsequent Events

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

14. Subsequent Events

On October 6, 2017, the Company entered into a settlement agreement (the “Settlement Agreement”) to resolve the Delaware Action. In accordance with the Settlement Agreement, the Company paid $32.5 million in cash to the noteholder plaintiffs, which represents $0.90 per each $1.00 of Convertible Notes held by the noteholder plaintiffs, plus accrued and unpaid interest on the Convertible Notes held by the noteholder plaintiffs through October 2, 2017. The noteholder plaintiffs collectively held approximately $35.8 million aggregate principal amount of the Convertible Notes. In addition, the Company paid a total of $3.8 million in attorneys’ fees and expenses to the plaintiffs’ attorneys. The noteholder plaintiffs have executed a full release in favor of the Company for any claims arising out of or related to the Delaware Action or the Convertible Notes, which release shall become effective upon the occurrence of certain conditions. The Company paid such settlement amounts on or about October 11, 2017.

On October 13, 2017, in connection with the entry into the Settlement Agreement, the Company commenced a cash tender offer (the “Tender Offer”) to purchase any and all of its remaining $25.0 million aggregate principal amount of outstanding Convertible Notes.  Upon the terms and subject to the conditions set forth in the Company’s Offer to Purchase, dated October 13, 2017, and the related Letter of Transmittal, the Company is offering to pay, in cash, an amount equal to $900 per $1,000 principal amount of Convertible Notes purchased, plus accrued and unpaid interest to, but not including, the date of purchase. The Tender Offer will expire on November 10, 2017, or any other date and time to which the Company extends such Tender Offer, unless earlier terminated.

On October 16, 2017, the Company and Ipsen reached agreement on the final working capital adjustment related to the Asset Sale, resulting in the Company receiving cash proceeds of $4.9 million.